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Author Question: Water is considered a necessity. So, is the demand for water elastic or inelastic? What will be ... (Read 75 times)

azncindy619

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on: Jun 29, 2018
Water is considered a necessity. So, is the demand for water elastic or inelastic?
 
  What will be an ideal response?

Question 2

Suppose Motorland's government imposes a tax of 1.50 per gallon of gasoline sold. With the tax, when the market is in equilibrium, the deadweight loss is
 
  A) zero.
  B) 37,500 per month.
  C) 150,000 per month.
  D) 75,000 per month.
Foundations of Microeconomics ¦ Bade, Parkin ¦ 8th Edition
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cpetit11

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The demand for necessities is inelastic, so the demand for water is inelastic.

Answer to Question 2

A


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